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Intelligent Finance

Examples of recent questions relating to Intelligent Finance transfer of equity

  • I jointly own a house in Heathfield , with a Intelligent Finance loan with my ex husband. Him and his fiance are going to buy me out. We had the go ahead from Intelligent Finance to substitute my name with hers. The transfer of equity has to be completed by a conveyancing solicitor for Intelligent Finance (supposedly). In order to save fees can I deal with the Land Registry change?
  • Is it sensible to cancel the direct debit for my mortgage with Intelligent Finance as soon as a date for my remortgage and transfer of equity has been set?
  • In 2013 I bought a apartment without my partner's name on the deeds. My conveyancer claimed it is because she is not in the loan offer with Intelligent Finance. Is it possible for me to put her name on the documents at HM Land Registry?
  • I got my Decree Absolute two years ago. For some reason I never got around to change the ownership from both our names to just in my name. I am ready to do that and so is she. Transfer-of-equity is needed. Intelligent Finance is content to transfer the property and loan in my name (affordability checks done). Does my ex need a conveyancer?
  • My former husband are planning to get a conveyancing solicitor in place for a refinance with Intelligent Finance. Transfer of Equity conveyancing is also neededI have used the different rating based tools and the results are from all over UK. Is it important to instruct a lawyer local to us?
  • What are my options where I am unhappy with the conveyancing solicitor who conducted my transfer of equity conveyancing?
  • I am completing a Intelligent Finance transfer of equity application and have arrived at the section concerning defaults etc. There are some debts that I have been discharging since 2008, in fact they no longer remain my credit records. Am I obliged to set these out?

Sample of information requested in a lawyer questionnaire relating to Intelligent Finance Transfer of Equity

Please confirm the person to be removed from the title deeds will not reside at the property after the transfer of equity has been formalised?

Where you are intent on holding the property as beneficial Tenants in Common in unequal shares, what is the split to be. For e.g. 50-50, or 60-40?

Is there to be any payment between the parties for the Transfer of Equity? If so, please state the amount and who is to receive the same

Please give the details of anyone to be added to the property title?

Has consent been obtained from Intelligent Finance to the proposed transfer of equity?

Please provide the details of anyone to be extracted from the property title?

General Advice to read in conjunction with the above Intelligent Finance transfer of equity Info :

Tax and Legal

There may be various tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Intelligent Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold properties

If your property is leasehold, provisions in the lease may have a requirement for notices to be served and that you obtain the consent of the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made as a result of an Order of the Court, then Insolvency Indemnity Insurance is not required. In other situations, where a property is being transferred at less than market value between joint owners, an Insolvency Act Indemnity Insurance policy may be required. This is something that that your lawyer will check with Intelligent Finance This is because, if the outgoing party is made bankrupt in the future, their Trustee in Bankruptcy could argue that they had transferred the property in order to avoid their creditors and apply to the Court to have the transaction set aside. If this happens, it could affect your lender or a future buyer from you as they would lose the property and the lender may not get back what they have loaned to you. The Insolvency Act Indemnity Insurance policy only protects lenders such as Intelligent Finance or future buyers from you. If there is no mortgage and the outgoing owner is made bankrupt, there is a risk to you that you could lose your home if the transfer is set aside. The cost of the Insolvency Act Indemnity Insurance policy is dependent on the market value of the property at the conclusion of the transfer of equity conveyancing.
If you do not keep up the payments on your mortgage with Intelligent Finance your property may be repossessed.

Preparing the Transfer of Equity with a Intelligent Finance Mortgage

When it comes to preparing the the Land Registry documents your conveyancing solicitor should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Intelligent Finance is joining in the transfer to release someone from liability, put the release in the ‘additional provisions’ panel if someone is entering into a covenant relating to the charge, place it in the ‘additional provisions’ panel stamp duty land tax is not payable when there is no chargeable consideration for the transfer (Schedule 3, paragraph 1 of the Finance Act 2003). In the case of a transfer subject to a charge (even if the transfer is by way of gift) or if a property has been transferred for no value and there is an associated discharge, HMRC would view this as an assumption of an existing debt by the purchaser (Schedule 4, paragraph 8 of the Finance Act 2003) and stamp duty land tax may be payable if you wish you may state in the ‘additional provisions’ panel that ‘This transfer is made subject to a charge dated… in favour of…’

On form AP1, your lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Content on this webpage is for general information and only applies to England and Wales. It does not constitute advice for members of the public who should contact their lawyer,mortgage broker, insurer and accountant for specific advice relating to transfer of equity. Whilst we endeavour to keep the information up to date and correct we do not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.


Frequently asked questions relating to Intelligent Finance transfer of equity